Madhya Pradesh, which was the first state to announce that it would switch to January-December financial year from the existing April-March cycle starting 2018, has put the plan on the back burner.
The government will sell up to 5 per cent stake at a floor price of Rs 94 apiece in mining PSU Neyveli Lignite (NLC) through a two-day offer for sale beginning tomorrow, a finance ministry official said. The government is selling 3 per cent in NLC, with a green-shoe option to sell another 2 per cent in the OFS, the official said today. The issue will open for institutional buyers tomorrow. For retail investors the issue will open on October 25, who will get a further discount of 3.5 per cent.
The 5 per cent stake sale would fetch about Rs 800 crore to the exchequer. The government has already raised over Rs 19,000 crore through PSU disinvestment in the current fiscal. The government targets to raise Rs Rs 72,500 crore through PSU stake sale, including strategic sale and listing of insurance PSUs, in the current fiscal.